KUALA LUMPUR (Sept 13): Sunway Bhd’s indirectly-owned joint venture company, Tianjin Eco-City Sunway Property Development Co Ltd, has submitted a winning bid of RMB438 million (about RM257.78 milllion) to acquire a parcel of land in Tianjin, China.

In a filing with Bursa Malaysia, the group said it plans to embark on a residential development on the land — which measures about 27,712.5 sq m — named Sunway Garden Phase 3 which consists of seven blocks of condominiums.

The development is expected to start in May 2020 and targetted to be completed by May 2023 and contribute positively to the group’s earnings for the financial year 2023 onwards.

Tianjin Eco-City Sunway Property Development Co Ltd is 60% owned by Sunway City (S’pore) Pte Ltd which in turn is a subsidiary of Sunway, while the remaining equity is held by Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd.

Shares in Sunway Bhd closed one sen up at RM1.64 yesterday, with 2.88 million shares traded, giving it a market capitalisation of RM8.09 billion.

This article first appeared in The Edge Financial Daily, on Sept 13, 2019.

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